Mettalex Partners with OpenDAO and OCP to Enable Stablecoin Minting
Aug 6, 2021
We are happy to announce that anyMTLX* token holders can now use the token in the OCP ecosystem. The partnership between Mettalex, OpenDAO, and OCP enables users to:
- Stake anyMTLX at omnicomp.ocp.finance for an APY in OmniC tokens.
- Stake anyMTLX and mint the USDO stablecoin.
- Borrow BUSD and a number of other tokens using anyMTLX as collateral.
- Supply one-sided BUSD liquidity in this Omnicomp pool and then deposit the LP tokens in OmniFarms for an APY in MTLX tokens. $25,000 in MTLX has been dedicated to this yield farming program. The current APY is over 700%!
- SOON: The Mettalex DEX team is currently in the process of integrating the USDO stablecoin in the Mettalex DEX on Binance Smart Chain. Traders will be able to use the USDO stablecoin to open long/short positions on the DEX. Liquidity providers will be able to stake mxUSDO and earn an APY in anyMTLX tokens.
The collateral factor for anyMTLX is 50%. That means that $1000 worth of MTLX can be used to mint $500 USDO tokens or as collateral for borrowing tokens available on the OmniComp Finance platform.
Maximizing MTLX Utility and APY
MTLX holders now have several options to put their anyMTLX to work, in addition to Mettalex Amplify:
- They can stake anyMTLX to get an APY in OmniC tokens. Then supply the USDO tokens as liquidity to the Mettalex DEX for an additional APY in anyMTLX tokens.
- Alternatively, the USDO token can be used in combination with BUSD to supply liquidity to PancakeSwap and farm anyMTLX on OmniFarms.
- Users can also stake anyMTLX and borrow BUSD.
We are continually working to expand MTLX token utility even further.
Expect more news soon!
Read the joint announcement here.
*The anyMTLX token is the Binance Smart Chain equivalent of the MTLX token on Ethereum. Users can use the two-way AnySwap bridge to move their MTLX to Binance Smart Chain (and get anyMTLX) and back.